COMMERCE AND FINANCE

Otago Daily Times, Issue 22371, 19 September 1934, Page 12

COMMERCE AND FINANCE

SYDNEY STOCK EXCHANGE (United Press, Association.) (B r Electric Telegraph — Copyright.) SYDNEY, September 18, ' Early sales on the Stock Exchange were as follows:—Bonds—4 per cent., 1988, £lO5 15a; 1944, £IOB 2s 6d; 1947, £lO7 15s; 1955, £lO9 ss; 1957, £lO9 10s; 1930, £110; 1961, £IOB 17s 6d. Shares— Bank of New South Wales, £3;. Commercial Bank of Sydney, £lB Is; Australian Gas (A), £7 18s; Associated News, 23s 9d (pref., 245); British Tobacco, 38s 9d; Broken Hill Proprietary, 535; Burns, Philp, 54s 6d; Goldsbrough, Mort, 30s; Henry Jones, 35s 6d; Howard Smith, 16s James Stedman, 15s; Wilcox, Mofflin, lls;9d. ADDITIONAL SALES. SYDNEY,'. September 18. (Received Sept. 18; at 9 p.m.) ' On the Stock Exchange, buying power reasserted itself to-day, and the general trend of prices for industrial trading issues was upward. Commonwealth Bonds moved within narrow limits, but banking shares presented a strong front. Additional sales were as follows: Bank of . New- South Wales, £33; Commercial Bank of Sydney, £18; Queensland National Bank, £5 10s; United insurance, £11; Australian General Insurance, 14s 3d; Australian Provincial Assurance, 10s 4d; Colonial Sugar, £67 ss; Associated News, 23s 7£d (pref., 24s 3d); Howard Smith, 16s 7d; Burns, Philp, 555; Australian Gas (A), £7 18s; British Tobacco, 38s 9d; Tooths, 46s 9d; Australian Glass, 54s Id; Dunlop Perdriau, 20s 3d; Goldsbrough, Mort, 29s 10Jd; Morris Hedstrom, 16 s 4id; Henry Jones, 35s 3d; Hume Pipe, 13s 4d; Pitt, Son, and Badgery, 435; Wunderlich, 23s 3d; Mount Lyell, 19s 10Jd; Broken Hill Proprietary, 52s 9d; South Broken Hill, 75s 6d; Placer Development, £26 18s; Euratha Gold, 10s lid. • MELBOURNE, September 18. Commercial Bank of Australia, 17s 5d (pref., £9 18s); Australian Glass, 54s 6d; Goldsbrough, Mort, 30s; British Tobacco, 395; Herald and Times, 53s 9d; Mount Lyell, 20s. ISSUE OF NIGERIAN STOCK HEAVILY OVER-SUBSCRIBED. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, September 17. (Received Sept. 18, at 5.5 p.m.) The lists’of cash applications for the Government of Nigeria 3 per cent, stock remained open only about an hour, being heavily oyer-subscribed. BANK OF CANADA STOCK HEAVILY OVER-SUBSCRIBED. (United Press Association.) (By Electric Telegraph—Copyright.) OTTAWA, September 17. The Ottawa Finance Department announces that the offering of the new Bank of Canada . stock wag heavily over-sub-scribed. No individual was permitted to buy more than 50 shares. LOAN FpR PLYMOUTH (British Official Wireless.) (United Press Association.) (By lilectrlo Telegraph—Copyright.) RUGBY, September 17. (Received Sept. 18, at 5.5 p.m.) Plymouth City Council approved of the creation of £1,090,000 corporation 3 per cent, redeemable stock, 1954, for the purpose of repaying the short-time mortgages due in 1935. The issue will be offered on Thursday. DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 17. Exchange bn New York is quoted at 6.00. 13-16. dollars to the f and on Paris at 75 1-16 francs to the f. CANADIAN WHEAT CROP (United Press Association.) ’ (By Electric Telegraph—Copyright.) QUEBEC, September 17. “ Dissipation of the world wheat surplus by heat and drought in the northern hemisphere will mean that Canada will sell the whole of her 1934 crop,” stated Mr James Richardson, a Winnipeg leading grain magnate, who is- leaving for England to inspect the market. LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 17. Cargoes are quiet and easier. Parcels are slightly lower.- Futures:—London: December, 235; 8d; February, 24a April, 25s 2d. Liverpool: October, 5s 6id; December, 5s 9j}d; March, 6s OJd; May. 6s Ifd. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright,) SYDNEY, September 18. (Received Sept. 18, at 10 p.m.) At the wool sales 7249 bales were offered and 6199 sold, while 831 were disposed of privately. Competition was animated from Japan, Yorkshire, and the Continent. The market continues firm. Greasy merino made to 15£d for eight hales from Garah. PROPERTY SALE Acting under instructions from the Public Trustee in the estate of M, L. Norms, Alex. Harris, Ltd., . -offered at auction yesterday the freehold property known as No. 14 York place. It -was sold to a client at £305.

LOCAL AND OVERSEAS MARKETS

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A fair volume of business was transacted, on the Dunedin Stock Exchange yesterday, jnining shares showing considerable activity. Bell-Hoopers were disposed of at 4d, sellers’ closing request for 4Jd attracting no further purchasers. Bell-Kilgours were also disposed of at 24d, the market closing with buyers ohering 2Jd and sellers asking 3d. Bendigo ’Goldlights were the subject of business at Is 0&d, buyers’ final offer of Is being Id below sellers’ requirements. Big Rivers were dealt in at Is 9d, the final quotation of Is 8d by a seller bringing no response from buyers. Business was done in Golden Progress shares at Is 2d, the market closing with sellers asking Is 3d and no buyers forward. A parcel of Gillespie’s Beaches changed hands at Is 9Jd, the closing buying and selling quotations being Is 9Jd and Is lOd respectively. Nokomais were dealt in at 4s Id, while two further sales at the same price were reported. Sellers’ final quotation, at a similar figure, was Id above buyers’ ideas of share value. SALES ON ’CHANGE.

UNLISTED STOCKS. N.Z. Investment Trust N.Z. Investment Trust debs. .. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable:— North Broken Hill, final, Is 6d Sept. 28 Bank of Australasia, interim 3s 6d . . .. .. ;. .. Sept. 28 British Tobacco, interim, 7 l-5d Sept. 29 Smith and Smith (pref.), —— 6d Oct. 31 NORTHERN EXCHANGES (Peb United Press Association.) , The following business was done on ’Changes yesterday:— Auckland.—Sales: Bonds (1946), 4 per cent., £IOB 10s; Commercial Bank of Australia, 17s Id; National Bank of New Zealand, £3 15s 6d; Australian Prov. Assurance, 10s 4d; National Insurance, 20s 3d; South British Insurance, 88s; Dominion (I and B), 16s lOd; Goldsbrough, Mort, 30s; Kaiapoi Woollen (7s paid), 3g 9d; Australian Glass, 53s 6d; Colonial Sugar, £67 2s 6d; Farmers’ Trading, 6s 7d; ditto (B pref.), 14s 3d; Milne and Choyce (Deb.), 19s 9d; Farmers’ Fertiliser, 20s; New Zealand Refrigerating (10s paid), 9s 6d; Northern Roller, 345; Big River, Is 7d, Is 8d; Goldfields Dredging, Is; King Solomon, 3s lOd; Mahakipawa, 10|d; Mataki, 3s 9fd, 2g lOd (two parcels); Nevis Diesel, 5d (two parcels); Talisman, 12s; Broken Hill Proprietary, 53s (three parcels), 53s 3d. Unofficial list: Loyal (pref.), 20s 9d; Woolworths (Sydney), ord., 78s. Wellington.—Sales: Inscribed Stock 4 per cent. (1940), £IOB ss; Bank of New Zealand, 48s; Goldsbrough, Mort, 30s Id, 30s 2d (two parcels); New Zealand Guarantee Corporation, 5S' 4d (two parcels, late Monday), 5s 4d, 5s 2d, 5s 2d (two parcels); British Tobacco, 38s 9d; New Zealand Drug, 78s; Broken Hill Proprietary, 535; Big River, Is 64d, Is 7d (both late Monday), Is 7d; Brian Born, Is sd; Nokomai, 4s 2d. Unofficial: Woolworths (Sydney), 78s, 795. Christchurch. —Sales: New_ Zealand Government 3J per cent. Inscribed (193852), £llO (two parcels); New Zealand Government 34 per cent. Inscribed (193952), £110; New Zealand Government 4 per cent. Inscribed (1949), f 110 10s; New Zealand Government 4 per cent. (1955), fill 15s; Reserve Bank, £6 9s (two parcels), £6 9s; National Insurance, 20s 2d; Goldsbrough, Mort, 29s 9d. 29s lid (two parcels); New Zealand Guarantee Corporation, 5s 3d (two parcels),_5s 2d (two parcels); Broken Hill Proprietary, 525, 52s lid; Dominion Fertiliser, 20s 3d (two parcels); Electrolytic Zinc (ord.), 27s 2d (two parcels): Quill Morris (in liquidation), 3s; Alexander, 19s 9d, 18s Sd; Big River, Is BJd (seven parcels); Brian Boru, Is 4d; Goldfields Dredging, lid; Mahakipawa, 10s (three parcels); Mataki, 2s lOd; Mount Lyell, 2s 2d; Nevis Diesel Electric, 3M; Okarito, 8s 7d, 8s Bd. Sales reported: Goldsbrough, Mort, 29s lid; Goldfields Dredging, 11 Jd; King Solomon, 3s lid. Unlisted stocks: Argo Gold Dredging (3d paid). 4Jd (two parcels); Woolworths (Sydney), ord., 79s 6d (six parcels). Sales reported: Woolworths (Sydney), ord., 78s 3d. BRADFORD TOPS MARKET LONDON, September 17. The Bradford market is quiet. Merino prices are maintained and crossbreds are steady.

FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for their purchases and sales of foreign exchange yesterday:— Buying. Selling.

NEW ZEALAND GUARANTEE CORPORATION (Per United Press Association) WELLINGTON, September 18. The directors of the New Zealand Guar, antee Corporation to-day decided to recommend to the shareholders at the annual meeting, to be held on October 15, a final dividend for the half-year ended August 31 of 2d per share, and that £IO,OOO ]be placed to reserves. LORNEVILLE STOCK MARKET (Special to Daily Times.) INVERCARGILL, September 18. Fat sheep were in short supply at the Lorneville stock sale to-day, and this deficiency was responsible for a further improvement in prices for wethers and poorer conditioned ewes. The fat cattle market was easier. Fat Sheep.—The supply was insufficient for local requirements, with the result that wethers showed an improvement of from 2s 6d to 3s a head and poorer quality ewes about Is 6d. Good quality sorts, however, were much the same price as last week. Prime quality wethers brought up to 30s (id; medium-weight, 27s to 28s Cd; lighter weights, down to 25s Gd; prime heavy ewes, up to 245; prime, 20s 6d to 225; light-weights, 18s to 19s Gd; inferior, down to 16s. Fat Cattle. —The yarding was in excess of local requirements, with the result that good quality cattle were about 10s a head and rough and unfinished sorts about 20s a head lower than last week. Prime heavy-weight bullocks brought up to £lB 7s Gd; prime quality, £8 5s to £9 10s; lighter weights, £G 15s to £7 15s; rough and unfinished, down to £5. Prime quality heifers sold up to £7 7s Cd; good quality, £6 to £6 15s; lighter weights, £5 to £5 15s; unfinished, down to £4. , Prime quality medium-weight cows realised up to £5 15s; good quality sorts, £4 10s to £5 ss; and aged and inferior, down to £2 ss. SHEEPSKIN SALE The Dunedin Stock Agents’ Association (Wright, Stephenson and Co., Ltd., Donald Reid and Co., Ltd., Otago Farmers’ Co-operative Association, Ltd., New Zealand Loan and Mercantile Agency Company, Ltd., Stronach, Morris and Co., Ltd., Dalgety and Co., Ltd., and,National Mortgage and Agency Company, Ltd.) report as follows on the sheepskin sale held yetesrday:— Competition was very dull, although prices showed little change from those ruling at the last fixture. In comparison with present values of wool, sheepskins are selling particularly ivell, halfbred skins selling to 9Jd .arid crossbreds to s|d. The following i s the range of prices:— Halfbred, three-quarter to full wool, to 9Jd; half-wools, to 7d; quarter-wools, to 4|d; fine crossbred three-quarter to full wool, CJd; half-wool, 4Ad; quarter-wool, 4d; crossbred three-quarter to full wool, s|cl; half-wool, quarter-wool, 4d; dead and damaged—halfbred, 7;fd; crossbred, 4kl; halfbred hoggets, to 8d; crossbred hoggets, to 5Jd; halfbred lambs, to Old; crossbred lambs, to 5.1 d; pells, to 4d.

£ s. d. Bell-Hooper 0 0 4 Bell-Kilgour 0 0 Bendigo Goldlight >• •• • • 0 1 crj Big River .. .. 0 1 9 Golden Progress 0 1 2 Gillespie’s Beach 0 1 94 Nokomai .. .. . . - . . , 0 4 1 SALES REPORTED. Bendigo-Goldlight (late Mon.) 0 1 0 Regent Theatre .. 0 19 0 Big River .. 0 1 9 Broken Hill Proprietary ,. .. 2 12 0 Golden Point 0 0 2J Gillespie’s Beach Nevis Diesel 0 1 10 0 0 5i Nokomai (two) .. 0 4 1. SALE REPORTED AFTER LAST CALL. Skippers .. . • 0 0 n The following are yesterday afternoon’s buying and selling quotations, which arc subject to the usual brokerage;BANKING. Buyer. Seller. £ S. d. £ s. d. Australasia .. .. 11 15 0 —- N.S.W .. 32 5 0 33 0 . 0 New Zealand .. .. 2- 7 6 2 8 3 Commercial .. .. National of N.Z. — 0 17 6 — 3 17 0 Reserve 6 8 9 6 9 3 INSURANCE. National .. •. 1 0 1 1 0 4 New Zealand .. 3 5 0 ■—■ South British 4 4 0 — Standard .. .. — 3 8 3 SHIPPING. Howard Smith ,. — 0 17 0 Huddart, Parker (ord.) .. .. — 1 4 0 Huddart, Parker (pref.) .. .. 1 8 0 U.S.S. Co. (pref.) 1 6 9 — COAL. Kaitangata .. .. 1 1 6 — 6 Westport .. .. 0 19 0 0 19 Westport-Stockton 0 3 6 (ord.) .. .. . — LOAN AND AGENCY Dalgety and Co. .. 9 S 0 —i Goldsbrough, Mort — 1 10 4 National Mortgage — 3 1 0 Perpetual Trustees 3 1 0 — Wright, Stephenson 0 18 6 (ord.) .. .. MEAT PRESERVING Canterbury Meat 5 12 0 (pref.) .. .. _ N.Z. Refrigerating 0 19 (paid) .. 3 N.Z. Refrigerating 0 9 (cont.) .. .. 4 — Snnf.h. Frozen Meat (paid) .. .. 3 11 0 3 15 0 South. Frozen Meat (cont.) .. .. 1 15 0 — South. Frozen Meat (pref.) .. .. 3 11 0 — Waitaki Farmers 2 =8 0 2 15 0 MISCELLANEOUS. British Tobacco .. 1 18 6 — Broken Hill 13 6 Proprietary — 2 Brown, Ewing (ord.) .. . 1 0 2 Brown, Ewing (pref.) .. .. 1 1 0 —- Bruce Woollen 0 13 (ord.) .... .. 3 Bruce Woollen (pref. ) .. .. 1 1 0 —- Colonial Sugar .. 66 0 0 — 0 Crystal lee ., .. 1 17 0 2 2 D.I.C. (pref.) .. 1 5 0 — Dominion Fertiliser 1 0 0 — Dominion Fertilser (debs.) 102 10 0 — 0 Dominion Rubber — 1 11 Dunedin-Kaikorai 1 17 Trams .. .. 0 — Stock Exchange 2 0 Proprietary 0 — Kaiapoi Woollen (cont.) .. .. 0 3 "6 —* Kaiapoi Woollen • *5 (pref.) .. .. Milburn Lime 1 0 1 17" 0 0 National Electric 0 8 6 N.Z. Drug Co. 3 18 6 — N.Z. Newspapers 1 12 0 — N.Z. Paper Mills .. 1 11 6 — Regent Theatre .. 0 18 6 0 19 6 Smith and Smith 0 18 0 ' Wilsons Cement .. 1 10 0 — Woolworths 19 .6 ' (Sydney) 3 18 0 3 Sun Newspaper .. — 0 4 2 BREWERIES. N.Z. Breweries .. — 2 7 7 Dunedin 1 8 0 1 10 0 Timaru (7s 6d pd.) 0 7 3 — Tooths 2 5 9 — MINING. Aotearoa — 1 0 0 Bell-Hooper .. * 0 0 4* Bell-Kilgour .. .. 0 0 2i 0 0 3 Bendigo Goldlight 0 1 0 0 1 1 Big River .. .. — 0 1 8 Electrolytic Zinc » (ord.) .. .. 1 7 2 — Mount Lyell .. 1 0 1 1 0 4 Central Shotover — 0 0 84 Charleston .. .. — 0 1 3* Gillespie’s Beach 0 1 94 0 1 10 Golden Dawn 0 3 1 — Golden Point — 0 0 3 Golden Progress .. — 0 1 f* Goldfields Dredging 0 0 11 0 1 0 Glenroy 0 1 n — King Solomon — 0 4 1 Mahakipawa 0 0 9J 0 0 114 Mining House — 0 0 44 Moonlight-Nelson Creek 0 0 2 0 0 5 Nevis Diesel 0 0 4 0 0 54 Nokomai ... 0 4 0 0 4 1 Okarito .. .. 0 8 6 0 8 9 Oxenbridge .. 0 0 9 0 0 11 Sandhills 0 0 5 0 0 til Skippers 0 0 7 — Stafford — 0 1 34 Upper Shotover .. — 0 1 3 Waihi Grand Junction 0 4 3 0 4 6 Waitahu — 0 5 0 Wetherstones 0 0 8 0 1 3 GOVERNMENT LOANS. 34 p.c. Stock, 19381943 108 0 0 — 3J p.c. Stock, 19391943 108 0 0 — 3J p.c. Stock, 19411943 108 0 0 — 3J p.c. Stock, 1938108 0 1952 0 — 34 p.c. Stock, 19391952 108 0 0 — 34 p.c. Stock, 19411952 .. 108 0 0 4 p.c. Bonds, Jan. i5, 1940 .. .. 107 15 0 4 p.c. Stock, Jan. 15, 1940 .. .. 107 15 0 — 4 p.c. Bonds, Feb. 15, 1940 .. .. 107 10 0 — 4 p.c. Stock, Feb. 15, 1946 .. .. 107 10 0 4 p.c. Bonds, April 15, 1949 .. .. 109 0 0 — 4 p.c. Stock, April 15, 1949 .. .. 109 0 0 4 p.c. Bonds, June 15, 1955 .. .. 110 0 0 — 4 p.c. Stock, Juno 15, 1955 .. .. no o 0 —

RUGBY, September 17. Paris— Par. Sept. 15. Sept. 17. Francs to £1 124.21 75 8-32 75 1-32 Brussels — Belgas to £1 80 21.07* 21.00 Oslo — Kroner to £1 18.180 19.90* 19.90* Stockholm— Kroner to £1 18.130 19.39* 19.39* Copenhagen— 22.40 Kronor to £1 18.150 22.40 Berlin— Marks to £1 20.43 12.38 12.88* Montreal — Dollars to £1 4.86 2-3 4.86 4.855 New York — Dollars to £1 4,86 2•3 5.01 5.001 Yokohama — Pence to yen .. 24.682 141 14g Hongkong— 183 Ponce to dollar 24.58 185 Bombay— 13 1-16 Pence to rupee — 18 1-16 Batavia— 7.27 Florins to £1 12.10 7.27 Milan— 57 11-16 Lire to £ 1 82.40 57 11-16 Amsterdam — 7.29* Guilder to £1 12,107 7.30 Prague— 1183 Kronor to £1 104J 118 11-16 Geneva— 15.15* Francs to £1 25.22* 15.16 Vienna— 26* Schillings to £1 84.86* 26* Helsingfors— 2265 2265 Marks to £1 193.23 Madrid— 35 3-16 Pesetas to £1 25.22* 36 7-32 Belgrade— 216 216 Dinars to £1 25.22* Athens— 510 516 Drachma to £1 375 Lisbon — 110 V 8 110 Vs Kscudos to £1 110 Bucharest — 495 Del to £1 931.6 495 Rio de Janeiro — 4* 4* Pence to mllrols 5.890 Buenos Aires30* 36* Pence to pesos ' 47.28 Shanghai— 17 17 Ponce to tael .. — Montevideo — 39% 39% Ponce to pesos — Warsaw — Zlotys to £1

France— * 59.04 Francs to £1 N.Z. T.T. 00.94 0.1). 01.24 59.09 Noumea— Francs to £1 N.Z. T.T. 61.89 58.89 0.1). 62.20 58.94 Papeete— Francs to £1 N.Z. T.T. 61.89 58.89 0.1). 02.20 58.94 Belgium— Belgas to £1 N.Z. T.T. 17.304 16.604 0.1). 17.404 10.619 Germany— Kelchsmarlts to £ 1 N.Z T.T. 9.747 O.D. — 9.752 Italy— Lire to £1 N.Z. T.T. 45.07 O.D. — 45.71 Switzerland — Francs to £1 N.Z. T.T. 12.401 12.001 O.D. 12.476 12.011 Holland— Florins to £1 N.Z T.T. 5.990 5.746 O.D. 0.040 5.750 JavaFlorins to £1 N.Z T.T. 5.959 5.734 O.D. 6.009 5.738 Japan— N.Z. Pence lo 1 yen T.T. 18 1-10 Shanghai— N.Z. pence to 1 dollar .. .. T.T. 20 7-18 21J O.D. 20 5-16 21 11-10 India and Ceylon— N.Z. pence to 1 rupee .. •. T.T. 22 5-16 22 21-32 O.D. 22 3-16 22 19-32 Hongkong— N.Z. pence to 1 dollar .. .. T.T. 22 15-16 24 O.D. 22 13-16 23 15-16 Singapore— N.Z. pence to 1 dollar .. .. T.T. 34 13-32 35 11-32 O.D. 34 9-32 35 0-32 T.T. represents Telegraphic Transfers. O.D. represents on demand transactions. The above • rates are subject to alteration without notice.